Search
 
Analysis

Effort and Vigilance Pay off in the Battle Against Payments Fraud

The latest AFP fraud survey shows a continuation of the gradual decline in the proportion of companies falling victim to payments fraud.

By Mariam Lamech | May 26, 2022 at 01:48 PM
Illustration: Finance warrior

The Covid-19 pandemic changed a lot in terms of how we live, travel, and—in many cases—work. Organizations around the world mandated that many employees work remotely, which required companies to alter processes and procedures. One of the impacted processes was payments.

Less face-to-face interaction meant employees were requesting sensitive information and verifying payment requests or transactions via email or other virtual forms of communication. Many finance industry observers expected fraudsters to make the most of this situation, targeting remote employees with new and expanded payments fraud ploys. However, findings from the “2022 AFP Payments Fraud Survey” suggest that working remotely did not play a significant role in the incidence of payments fraud observed at organizations in 2021.

Our survey found that 47 percent of respondents did not see an increase in payments fraud at their organizations due to the increased prevalence of remote work. Thirty-two percent of respondents do believe an increase in payments fraud at their companies is the result of employees working remotely.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.